Frank: Next TARP Money Tracked on Web

By Jennifer Parker

Feb 1, 2009 11:58am

During our powerhouse economic panel today, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee promised the next installment of TARP money would be trackable on the Web.

Frank also said there will be rules in the next TARP money to force banks to lend to credit-seekers.

"It is a mistake to assume that the Obama administration hasn’t learned from the mistakes of the Bush administration." Frank said. "I agree that Secretary Paulson, whom I generally admired, made a mistake in not pushing them to do more lending. I think you’re going to see the Obama administration, having learned from that, push for much more lending. There are going to be some real rules in there."

Google CEO Eric Schmidt argued the administration should publish where the money is being spend on the Web.

"They are going to be," Frank pledged.

"We’re going to do that. In fact, the new inspector general, who was set up — we’ve set up a special inspector general. Confirmation was delayed in the Senate. And Mr. Barofsky is now about to demand of every recipient of

TARP, past and future, that they do exactly what you say and that we will publish on our Web site. So there was — I agree. It was not — I think it was better to have had it than not, but it is going to be done," Frank said.

–George Stephanopoulos

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